Interim report 1 January – 30 June 2019
SECOND QUARTER (APRIL – JUNE 2019)
- Other operating income amounted to KSEK 1,141 (0).
- Impairment of patents totalled KSEK 4,573.
- Operating loss amounted to KSEK -11,307 (-8,689).
- Loss for the period amounted to KSEK -11,213 (-8,669).
- Cash flow from operating activities was KSEK -6,531 (-7,896).
- Loss per share before dilution was SEK -0.23 (-0.42). Loss per share after dilution was SEK -0.23 (-0.42).
PERIOD (JANUARY – JUNE 2019)
- Other operating income amounted to KSEK 1,994 (0).
- Operating loss amounted to KSEK -18,069 (-15,797).
- Loss for the period amounted to KSEK -17,865 (-15,510).
- Cash flow from operating activities was KSEK -18,562 (-3,102).
- Loss per share before dilution was SEK -0.37 (-0.75). Loss per share after dilution was SEK -0.37 (-0.75).
SIGNIFICANT EVENTS IN THE SECOND QUARTER
- In April, Idogen announced that NextCell Pharma AB had contacted the company’s Board of Directors regarding a possible merger. In May, Idogen reported that discussions between the companies had been abandoned.
- In June, Idogen announced that the company had successfully developed a new patentable tolerance-inducing method to replace zebularine in the development of the company’s tolerogenic cell therapy. The company has therefore written down the value of patents related to zebularine in an amount of MSEK 4.6.
- The estimate remains unchanged that our cash will last until the end of the third quarter of 2020.
- At the end of June, Idogen announced that CEO Lars Hedbys had resigned following five years as CEO of the company.
SIGNIFICANT EVENTS DURING THE PERIOD
- In January, Idogen announced that it is extending and broadening its preclinical development programme for tolerogenic cell therapy. This means the clinical trials for IDO 8 and IDO T may be delayed by six months and start in the second half of 2020 for IDO 8 and first half of 2021 for IDO T.
- In March, Idogen announced the decision to postpone plans to apply for the listing on Nasdaq First North. The company made the decision as it first wishes to conclude the evaluation of its new methods for production of Idogen’s tolerogenic cell therapy.
- The change of CEO will postpone the transfer to Nasdaq First North, as there is a requirement that the company’s CEO must have been employed for at least three months.
- Arctic Securities was chosen as Corporate Advisor (CA) ahead of the listing on First North.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- Anders Karlsson was appointed as the company’s new CEO as of 20 August.
- No other significant events occurred after the end of the period that affected the results or financial position.
CONDENSED EARNINGS AND CASH FLOW
| 2019 | 2018 | 2019 | 2018 | 2018 | |
| 3 months | 3 months | 6 months | 6 months | 12 months | |
| (Amounts in KSEK unless otherwise stated) | Apr-June | Apr-June | Jan-June | Jan-June | Jan-Dec |
| Net sales | 1,141 | 0 | 1,994 | 0 | 3,766 |
| Operating expenses | -12,448 | -8,689 | -20,063 | -15,797 | -31,627 |
| Operating loss | -11,307 | -8,689 | -18,069 | -15,797 | -27,861 |
| Loss for the period after net financial items | -11,213 | -8,669 | -17,865 | -15,510 | -27,634 |
| Average number of shares | 48,491,533 | 20,779,201 | 48,491,533 | 20,778,839 | 21,843,166 |
| Average number of warrants | 0 | 13,068,876 | 4,254,306 | 15,079,153 | 11,790,710 |
| Loss per share before dilution (SEK) | -0.23 | -0.42 | -0.37 | -0.75 | -1.27 |
| Loss per share after dilution (SEK) | -0.23 | -0.42 | -0.37 | -0.43 | -1.27 |
| Cash flow from operating activities | -6,531 | -7,896 | -18,562 | -3,102 | -10,394 |
| KEY FIGURES | |||||
| Working capital | 29,051 | 16,597 | 29,051 | 16,597 | 42,306 |
| Acid-test ratio (%) | 306 | 203 | 306 | 203 | 305 |
| Equity/assets ratio (%) | 70 | 60 | 70 | 60 | 71 |
| Loss per share before dilution | -0.23 | -0.42 | -0.37 | -0.75 | -1.27 |
| Average number of shares | 48,491,533 | 20,779,201 | 48,491,533 | 20,778,839 | 21,843,166 |
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Agneta Edberg, Chairman of the Board
Tel: +46 (0) 705 55 75 18
E-mail: edberg.agneta@gmail.com
This is an English version of the original Swedish report communicated by Idogen AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply. This information is such that Idogen AB is obligated to publish under the EU Market Abuse Regulation (MAR) and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, on 20 August 2019.
Idogen (Spotlight Stock Market: IDOGEN) develops tolerogenic cell therapies to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body’s own cells or tissue. Idogen’s most advanced product candidate IDO 8 is designed for patients with severe haemophilia A who have developed anti-drug antibodies against their critical treatment with coagulation factor VIII (factor VIII). The company´s second project IDO T is developed to prevent kidney transplant rejection. In a third project, IDO AID, Idogen focuses on the treatment of autoimmune diseases. The treatment is based on the patient's own cells and is expected to have a favorable safety profile and long-lasting effect. The fact that a short treatment has the potential to yield a long-lasting effect is another great advantage. For more information, visit www.idogen.com
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